From Bloomberg: Islamic bonds with a face value of $650 million sold by Saudi billionaire Maan al-Sanea’s Saad Group are priced for a default, according to ING Investment Management.
Saad Trading Contracting & Financial Services Co.’s debt securities, known as sukuk, are trading for 25 cents on the dollar compared with this year’s high of 79 cents on Feb. 26, data compiled by Bloomberg show........Full Article: Source